module 15 lesson 4 Flashcards
an economic thinker that wrote about a radical form of socialism
Karl Marx
promoted the theory of capitalism
adam smith
promoted the theory of socialism
saint-simon
promoted the theory of utilitarianism
bentham
promoted the theory of utopianism
robert owen
supporters say that good government creates policies that benefit the greatest number of people
ultilitarianism
states that society has no social distinctions
communism
states that laws should be ignored and that governments should be eliminated
anarchism
states that laws should protect the rights of workers
socialism
states that competition determines the price of a product
capitalism
states that the government should own the means of production
socialism
states that businesses should not be regulated by the government
capitalism
states that wealth should be distributed equally among all citizens
communism
states that businesses are privately owned by individuals
capitalism
what were adam smiths three natural laws of economics?
1) law of self-interest
2) law of competition
3) law of supply and demand
What did Malthus and Ricardo say about the effects of population
Malthus said population growth could lead to starvation, low wages
economic theory that argues that governments should not interfere with business affairs
laissez faire
philospher who defended laissez-faire economics
Karl MArx
economic syestem in which people invest money to make a profit
capitalism
belief that an idea is only as good as it is useful
utilitarianism
belief that businesses should be owned by society as a whole
socialism
economic thinker who wrote about a radical form of socialism
Karl marx
form of socialism in which all production is owned by the people
communisim
belief that people should be able to develop freely without government interference
anarchisim
organized groups of workers that bargain with business owners to get better pay and working conditions
union
organized refusal to work
strike
